Author Topic: Has anyone here tried digit?  (Read 1598 times)

BookWorm22

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Has anyone here tried digit?
« on: March 29, 2016, 11:59:58 AM »
I have spent all morning reading the budgetsaresexy blog. First of all how could I have not know about this blog before?  Anyway, he uses digit to automatically save little bits of money from his checking account.  I am debating about trying it out and using the savings to max out our Roth accounts this year.  Has anyone tried it?

Here is his review if anyone is curious...

http://www.budgetsaresexy.com/2015/02/digit-savings-review-update/

letired

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Re: Has anyone here tried digit?
« Reply #1 on: March 29, 2016, 12:34:06 PM »
That sounds dumb unless you are somehow unable to set savings budgets yourself. And if you can't manage a savings goal like 'set up automatic transfer for $200 to my savings account every month', you're going to have a real hard time with FIRE.

When I was starting out, I played 'savings chicken' whereby I set up automatic transfers, and when I didn't notice $50 dollars missing every month, I upped it to $100, then $200, then $400, etc etc, you get the picture. And I didn't have to give some sketchy company that didn't pay interest access to my accounts!

If you want to max your IRA  (I'm assuming this is what you mean when you say 'Roth'), figure out how much money you need, divide it by the number of months left in the year, and then set up automatic transfers for that amount to your IRA account.

BookWorm22

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Re: Has anyone here tried digit?
« Reply #2 on: March 29, 2016, 12:37:23 PM »
I do have set amounts that go directly to retirement automatically.  Was just thinking of using it to capture extra that might be otherwise spent. 

letired

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Re: Has anyone here tried digit?
« Reply #3 on: March 29, 2016, 12:46:13 PM »
I do have set amounts that go directly to retirement automatically.  Was just thinking of using it to capture extra that might be otherwise spent.

It sounds like we have fundamentally different approaches to finances/savings/retirement!

BookWorm22

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Re: Has anyone here tried digit?
« Reply #4 on: March 29, 2016, 12:53:13 PM »
I would not say different merely I am at the beginning of the process and you are further along.  It is all a journey.  Peace to you.

slappy

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Re: Has anyone here tried digit?
« Reply #5 on: March 29, 2016, 12:54:01 PM »
It sounds like the same concept as the Bank of America "Keep the Change" checking account. I'm not sure if they still offer that though.